Extracts from Published Financial Statements: Change in useful Lives of Property, Plant and Equipment
- Blog|News|Account & Audit|
- < 1 minute
- By Taxmann
- |
- Last Updated on 23 October, 2021
Latest from Taxmann
Under Ind AS 16 Property, Plant & Equipment requires depreciation to be based on the estimated useful life of assets. Also, it is required to estimate the residual value, useful life and depreciation method to be reviewed at least at the end of each financial year. Any changes to these estimates are required to be accounted on a prospective basis.
In this article we take a look at the relevant extracts from published financial statements for change in useful lives of property, plant and equipment by select companies.
Shoppers Stop Limited – Extracts from Annual Financial Statements FY 2020-21
In F.Y. 2019-20, effective 1 Jan 2020, the Company has reviewed the estimated economic useful lives of all components within the broad category of Leasehold improvements as specified in the above table and Electrical Equipment as specified in the above table of its property, plant and equipment, based on the combination of evaluation conducted by an independent consultants and management estimate.
Click Here to Read the Full Article
Disclaimer: The content/information published on the website is only for general information of the user and shall not be construed as legal advice. While the Taxmann has exercised reasonable efforts to ensure the veracity of information/content published, Taxmann shall be under no liability in any manner whatsoever for incorrect information, if any.
Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.
The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:
- The statutory material is obtained only from the authorized and reliable sources
- All the latest developments in the judicial and legislative fields are covered
- Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
- Every content published by Taxmann is complete, accurate and lucid
- All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
- The golden rules of grammar, style and consistency are thoroughly followed
- Font and size that’s easy to read and remain consistent across all imprint and digital publications are applied
Sign Up
To subscribe to our weekly newsletter please log in/register on Taxmann.com
Latest Books
Everything on Tax and Corporate Laws of India
To subscribe to our weekly newsletter please log in/register on Taxmann.com
CA | CS | CMA
